PARIS, Jan. 9, 2002 (PRIMEZONE) -- The European Commission has approved SEB's (Paris Stock Exchange:12170) bid for parts of Moulinex, which was agreed by the Nanterre commercial court on October 22, 2001. The Commission also decided to ask French authorities to examine the impact of the proposed transaction on competition in France.
The Commission's approval, which applied to all European countries except France, was issued at the end of the first phase of the inquiry procedure, in light of the following commitments:
-- SEB will grant an exclusive license for the Moulinex brand in nine
European countries for a five-year period, so that license
beneficiaries can develop their own brands through the use of
cobranding programs. At the end of this five-year period, the
Group will not be able to use the Moulinex brand for another three
years. The countries concerned are Germany, Austria, Belgium, the
Netherlands, Denmark, Norway, Sweden, Portugal and Greece.
-- Licensees will be free to purchase the branded products from SEB
if they so wish, except in the case of food processors intended
for the German market, which they must source from SEB for a
period of two years.
Subject to approval by French authorities, SEB may proceed with its proposed integration of Moulinex Krups, which offers the following strategic benefits:
-- The acquisition of worldwide ownership and usage rights to the
Krups and Moulinex brands, with the sole exception, for the
Moulinex brand, of the above-indicated countries
-- The consolidation of its main product families.
-- Stronger positions in North America, Central Europe, the Near and
Middle East, Italy, Spain and the United Kingdom.
-- Extensive synergies, particularly in purchasing, and economies of
scale through its worldwide distributor network.